High-Performance Lubricants Market revenue to reach USD 3 Billion by 2035, says Research Nester

Major high-performance lubricants market players include Exxon Mobil Corporation, Chevron Corporation, Indian Oil Corporation Limited, PJSC LUKOIL, FUCHS PETROLUB SE, The Chemours Company, Valvoline Inc, Petroliam Nasional Berhad (PETRONAS), RSC Bio Solutions, and Gazprom Neft PJSU.

New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global high-performance lubricants market size is expected to expand at ~ 3 % CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 3 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. The advancement of 4.0 industrialization has increased the adoption of automatic machines, which in turn is to drive market growth. According to the World Economic Forum, the rate of automation of industrial machines was around 47% in 2020 and it is projected to rise to nearly 47% in 2025.  Automatic industrial machines often have moving parts, such as gears and bearings, that require lubrication to minimize friction.

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Besides this, the high-performance lubricants market growth is augmented by rising investment in the construction sector which increases the use of advanced machinery in the sector. Worldwide construction spending is predicted to reach USD 18 trillion by 2030, with China, the United States, and India leading the way and accounting for 57% of total worldwide growth. More than 60% of global infrastructure investment will go to emerging economies, notably Asia. 

High-Performance Lubricants Market: Key Takeaways

  • Market in North America to propel highest growth
  • The automotive segment to garner the highest growth
  • Market in Asia Pacific to grow at a highest rate

Increasing Production of Electricity across the Globe to Boost Market Growth

In 2022, global power demand rose by around 2%. Furthermore, global demand will reach approximately 660 quadrillion Btu in 2050, up 15% from 2021. High performance plays a crucial role in electricity production, particularly in power generation and transmission systems. They are used in various machinery that is used for power generation, such as gas and steam turbines, generators, transformers, and others. Global car sales are expected to exceed 69 million in 2023, driven by greater ownership in emerging economies and rising usage of electric vehicles.

Furthermore, car sales are predicted to reach 74 million in 2024, following the rising trend that began in 2020. As the demand for vehicles continues to grow globally, the number of cars, trucks, and other vehicles on the road is increasing. The higher vehicle population translates into a larger high-performance lubricants market, including high-performance lubricants, which are often recommended for modern and high-performance engines.

High-Performance Lubricants Market: Regional Overview

The global high-performance lubricants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding key manufacturers to Drive the Market Growth in North America Region

The high-performance lubricants market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market can be attributed majorly to the presence of key manufacturers of petrochemical industries in the region. In addition to this, the industrial sector is expanding in America which is likely to increase the demand for industrial machinery. In May 2023, industrial production in the United States climbed 0.2% year on year, following an upwardly revised 0.4% growth in April.

North America's increasingly stringent environmental regulations have compelled industries to adopt lubricants that minimize emissions and environmental impact. High-performance lubricants, designed for efficiency and reduced friction, align perfectly with these regulations. The U.S. Environmental Protection Agency (EPA) emphasizes that greenhouse gas emissions from petroleum-based products contribute significantly to environmental challenges, necessitating the adoption of eco-friendly alternatives.

Growing Industrial Expansion and Machinery Demand to Propel the Growth in the Asia Pacific Region

The Asia Pacific high-performance lubricants market is estimated to garner the highest CAGR by the end of 2035. The thriving industrial sector in the Asia Pacific region demands lubricants that can withstand extreme conditions and optimize equipment performance. High-performance lubricants, engineered for superior protection and extended service intervals, align seamlessly with the region's industrial growth. The Asia Pacific manufacturing sector has been expanding steadily, with an annualized growth rate of 6.8% from 2020 to 2025. The rapid growth of the automotive industry in Asia Pacific fuels the demand for lubricants that can enhance engine efficiency, fuel economy, and emission reduction.

High-performance lubricants' ability to withstand challenging conditions resonates with the automotive sector's pursuit of optimal vehicle performance. Stringent environmental regulations across Asia Pacific have compelled industries to adopt lubricants with reduced emissions and enhanced environmental profiles. High-performance lubricants, designed for efficiency and minimal environmental impact, align harmoniously with these mandates.

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High-Performance Lubricants, Segmentation by Application

  • Chemical Manufacturing
  • Power Generation
  • Automotive
  • Food & Beverage
  • Heavy Machinery & Equipment

Amongst these segments, the automotive segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the rising emission from the transportation sector. Transport uses the most fossil fuels of any industry, contributing to 37% of CO2 emissions from end-use sectors in 2021. High-performance lubricants are used as fuel additives that reduce friction between moving parts within the engine and other vehicle components. By minimizing friction, these lubricants help improve engine efficiency, resulting in reduced fuel consumption and lower emissions. Furthermore, the rising demand for automobiles and especially electric vehicles is also expected to drive the segment’s growth. In 2022, around 10 million electric vehicles were sold, the sale is further expected to rise by 35% in 2023, and around 14 million EVs are to be sold. In EVs, high-performance lubricants are used in the cooling systems of EV batteries to manage thermal conditions. It helps dissipate heat generated during battery operation, ensuring to keep the battery in optimal temperatures.

High-Performance Lubricants, Segmentation by Source

  • Bio-Based
  • Synthetic

Amongst these segments, the bio-based segment is anticipated to hold a significant share over the forecast period. Stringent environmental regulations worldwide are driving industries to adopt eco-friendly alternatives, including bio-based lubricants. Regulatory mandates that curb greenhouse gas emissions and promote biodegradability create a conducive environment for the growth of the bio-based lubricants segment. The European Union's Renewable Energy Directive (RED II) sets a target for renewable energy sources to contribute at least 14% of transport fuels by 2030, boosting the demand for bio-based alternatives.

Bio-based lubricants are derived from renewable sources, offering a lower carbon footprint compared to conventional petroleum-based lubricants. Industries seeking to reduce their environmental impact are increasingly adopting bio-based options. Consumer preferences are shifting towards environmentally friendly products. The demand for bio-based lubricants is driven by consumers who seek sustainable solutions that align with their values.

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High-Performance Lubricants, Segmentation by Product Type

  • Process Oil
  • Engine Oil
  • Industrial Oil
  • Hydraulic & Transmission Fluids
  • Metalworking Fluids

Few of the well-known market leaders in the global high-performance lubricants market that are profiled by Research Nester are Exxon Mobil Corporation, Chevron Corporation, Indian Oil Corporation Limited, PJSC LUKOIL, FUCHS PETROLUB SE, The Chemours Company, Valvoline Inc, Petroliam Nasional Berhad (PETRONAS), RSC Bio Solutions, and Gazprom Neft PJSU, and other key market players.

Recent Development in the Market

  • RSC Bio Solutions announce the partnership with Standard Sekiyu Osaka Hatsubaisho Co., Ltd (SSOH) to expand the distribution of environmentally Acceptable Lubricant (EAL) offerings in Japan for sufficing the need of industrial and marine applications.
  • FUCHUS PETROLUB SE announces the acquisition of a 100% share of the Sweden-based lubricant business of Gleitmo Technik AB. The acquisition involves the customer base, product portfolio, and workforce of Gleitmo Technik in Kungbacka.

About Research Nester

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.